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# PS-1 - METU Department of Economics Econ 101 Introduction...

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1 METU Department of Economics Econ 101 Introduction to Economics I All sections 2009-2010 Fall Semester PROBLEM SET # 1 (APPENDIX of CHAPTER 1 ) PART A: SHORT QUESTIONS 1. (1) z = a + by (2) z = a – by where y and z are variables; a and b are constants . For the equations above; a. Define the dependent variables. b. Define the independent variables. c. Show the intercept and slope terms and interpret them. 2. For each of the following equations, graph the line and calculate its slope. a. P = 10 – 2 q D ( Put q D on the X-axis) b. P = 100 – 4 q D ( Put q D on the X-axis) c. P = 50 + 6 q S ( Put q S on the X-axis) d. I = 10,000 – 500 r ( Put I on the X-axis) 3. Write the equations of the linear functions whose graph a. has slope 2 and intercept (0, 3) b. has slope -3 and intercept (0, 0) c. has slope 4 and passes through the point (1, 1) d. has slope -2 and passes through the point (2, -2) e. passes through the points (2, 3) and (4, 5)

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2 4. For each of the graphs in the figure below, say whether the curve has a positive or negative slope. 5. Use the following figure to calculate the slope of the relationship: a. At points a and b. b. Across the arc ab Y a 2 b 6 8 10 6 1.5 X Tax paid Days of sunshine Mortgage interest rate Tons of fertilizer per acre Age Bushels of corn per acre Bushels of corn per acre Quantity of apples purchased Income Home Sales Price per unit Fastest time for a race
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